Exploring Ripple's New Stablecoin Ripple USD (RLUSD)
Summary
TLDRIn this episode of Block Stars Ripple's podcast, host David Schwarz, Ripple's CTO, interviews Monica Long, Ripple's President, about Ripple's venture into the stablecoin market. They discuss the strategic importance of launching a stablecoin, its role in Ripple's vision for decentralized finance, and the regulatory compliance necessary for its success. The conversation also touches on the potential for real-world asset tokenization and the integration of traditional financial systems with blockchain technology. Long emphasizes Ripple's commitment to compliance and the future of financial innovation.
Takeaways
- 🚀 Ripple is launching its own stablecoin, a significant strategic move that aligns with their vision for the future of finance and the Internet of Value.
- 🌐 The stablecoin market is massive, with a current market cap of over $100 billion and projections to reach nearly $3 trillion in the coming years.
- 🔄 Ripple's stablecoin aims to provide reliable on-ramps and off-ramps for the XRP Ledger, enhancing the efficiency of transactions and payments.
- 🏦 The launch of Ripple's stablecoin is part of a broader effort to support developers and build a robust ecosystem on the XRP Ledger, including features like auto-bridging.
- 📈 Ripple sees stablecoins as key enablers for decentralized finance (DeFi), providing a necessary counter-asset for various financial applications.
- 🔒 Regulatory compliance is paramount for Ripple's stablecoin, with a focus on adhering to strict regulations and maintaining a 1:1 backing with USD cash or cash equivalents.
- 🌍 Ripple's stablecoin fits into the company's cross-border payments vision, offering customers more options and flexibility in their payment flows.
- 💡 The introduction of Ripple's stablecoin does not diminish their commitment to XRP; rather, it is expected to increase trading volume and liquidity on the XRP Ledger.
- 🔮 Monica Long, Ripple's President, is bullish about the future of Ripple and the industry, emphasizing the importance of integrating blockchain with traditional financial systems.
- 🤝 Ripple is focused on building a compelling ecosystem that includes various digital assets and use cases to attract users and foster growth in the DeFi space.
- 🔄 The company is watching regulatory developments, especially in Europe with the MiCA regulation, to ensure they meet licensing requirements and maintain compliance.
Q & A
What is the purpose of Ripple's podcast 'Block Stars Ripple'?
-The purpose of 'Block Stars Ripple' is to feature leaders and developers in crypto and blockchain to discuss the latest trends, technologies, and real-world problems being solved by these innovations.
Who are the hosts and guests of the podcast episode discussed in the transcript?
-The host of the podcast is Ripple's CTO, David Schwarz, and the guest is Ripple's President, Monica Long.
What is the significance of Ripple launching its own stablecoin?
-The launch of Ripple's stablecoin is a strategic move that fits with their vision for the future of finance and the internet of value, providing a reliable and compliant stablecoin offering in a growing market.
What is Monica Long's role at Ripple?
-As President of Ripple, Monica Long is responsible for the company's products, their commercialization, sales efforts, and initiatives to support developers building on the XRP Ledger.
What was the original vision for Ripple's XRP Ledger?
-The original vision for XRP Ledger was to create a decentralized exchange with an efficient liquidity mechanism for different assets, facilitating efficient transactions, particularly in payments.
Why is the launch of the AMM feature significant for Ripple's stablecoin?
-The AMM feature requires a diverse array of assets to function effectively, and Ripple's stablecoin can serve as a counter asset for every existing asset, enhancing the ecosystem's functionality.
How does Ripple ensure regulatory compliance for its stablecoin?
-Ripple ensures regulatory compliance by obtaining the necessary licenses, such as money transmission licenses in over 40 US states and e-money institution licensing in Europe, as well as adhering to robust compliance procedures including AML checks.
What is the relationship between Ripple's stablecoin and XRP?
-Ripple's stablecoin is not intended to replace XRP but rather to complement it, with XRP continuing to serve as a bridge asset within Ripple's ecosystem and benefiting from increased trading volume.
What are some potential use cases for Ripple's stablecoin in the future of finance?
-Potential use cases include payments, especially in markets with volatile domestic currencies, off-ramping into local markets for crypto-native players, and facilitating financial use cases such as lending protocols.
How does Ripple view the integration of blockchain technology with traditional financial systems?
-Ripple believes that integrating blockchain technology with traditional financial systems is crucial for the future of finance, emphasizing the need for connecting the old and new systems and working within regulatory frameworks.
What is Monica Long's outlook on the future of Ripple and the industry?
-Monica Long is bullish about the next one to two years for Ripple, expecting to see the payoff from the hard work put into integrating blockchain with traditional finance and establishing sensible policies and regulations.
Outlines
🚀 Launch of Ripple's Stable Coin - A Strategic Move
In this introductory segment, the host, Ripple's CTO David Schwarz, welcomes Monica Long, Ripple's president, to discuss the company's venture into the stable coin market. Monica reflects on her journey with Ripple since 2013 and her role in product development and commercialization. The conversation highlights the strategic importance of Ripple's decision to launch its own stable coin, driven by market demand and the company's vision for the future of finance. The discussion also touches on the origins of Ripple and the XRP Ledger, emphasizing the company's long-standing commitment to creating efficient liquidity mechanisms for digital assets.
🌐 The Role of Stable Coins in Decentralized Finance
This paragraph delves into the significance of stable coins in the evolving landscape of decentralized finance (DeFi). It discusses the necessity of stable coins as reliable on-ramps and off-ramps for digital assets, and the importance of having a diverse array of assets for the functioning of automated market makers (AMMs). The conversation also addresses the regulatory compliance aspect of stable coins, with Ripple emphasizing the importance of adhering to strict regulations and maintaining the stability of the asset. The paragraph concludes with an exploration of how stable coins fit into Ripple's broader vision for cross-border payments and the digital asset ecosystem.
📈 Ripple's Compliance and Expansion in the Digital Currency Space
The focus of this paragraph is on Ripple's commitment to regulatory compliance as it expands its offerings in the digital currency space. It outlines the company's efforts to acquire necessary licenses and adhere to robust regulatory standards, such as those set by the New York Department of Financial Services (NYDFS). The paragraph also discusses Ripple's approach to maintaining the peg of its stable coin to the US dollar and the importance of this for the stability and reliability of the asset. Additionally, it touches on Ripple's vision for the future, including the potential for real-world asset tokenization and the integration of traditional financial systems with blockchain technology.
🔮 Envisioning the Future of Ripple and the Stable Coin Market
In this forward-looking segment, Monica Long shares her insights on the future of Ripple and the stable coin market. She acknowledges the challenges and the underestimated complexity of integrating blockchain technology with traditional financial systems. Monica discusses the importance of regulation in shaping the industry and the need for sensible policy to support innovation while protecting consumer interests. She concludes with an optimistic outlook on the next one to two years for Ripple, anticipating the fruits of the company's labor in product development, market integration, and regulatory compliance.
🤔 Listener Q&A and Monica's Reflections on Ripple's Journey
The final paragraph features a Q&A session where listeners pose questions about Ripple's stable coin strategy. Topics include potential plans for additional stable coins and the possibility of an XRP-Ripple USD pairing on the AMM. Monica confirms that Ripple is currently focused on its US dollar stable coin and hints at future demand for other types of stable coins. She also assures that Ripple remains committed to XRP and sees the stable coin as a complementary asset rather than a replacement. The segment ends with Monica's reflections on her time at Ripple and her enduring optimism for the company's role in shaping the future of finance.
Mindmap
Keywords
💡Stable Coin
💡Cryptocurrency
💡Blockchain
💡Decentralized Finance (DeFi)
💡Ripple
💡XRP Ledger
💡On-Ramps and Off-Ramps
💡Regulatory Compliance
💡Tokenization
💡Enterprise DeFi
💡Liquidity
Highlights
Introduction of Ripple's own stable coin and its significance in the crypto and blockchain industry.
Monica Long's role as Ripple's president, overseeing products, sales, and developer support.
Ripple's strategic move into the stable coin market, aiming to address the demand for stable coin payouts in emerging markets.
The evolution of Ripple's vision for decentralized finance and the importance of stable coins in facilitating transactions.
The historical context of Ripple's involvement with stable coins, dating back to the early conceptualization of the XRP Ledger.
The necessity of stable coins for on-ramps and off-ramps in the blockchain ecosystem to avoid volatility.
Ripple's efforts in supporting developers through Ripple X and enhancing the XRP Ledger with new features and developer kits.
The need for reliable and compliant stable coin offerings in the market, and Ripple's intention to fill that gap.
The role of the stable coin in Ripple's cross-border payments vision and how it complements the existing offerings.
The importance of regulatory compliance for Ripple's stable coin, especially with the involvement of financial institutions.
Ripple's approach to maintaining the stable coin's peg and the operational focus on customer experience and compliance.
The impact of Ripple's stable coin on XRP and the clarification that it is not a replacement but an addition to the ecosystem.
Envisioning the future of finance with enterprise DeFi and the potential use cases for stable coins in various financial applications.
The potential for real-world asset tokenization and how Ripple's custody business and partnerships may play a role.
Ripple's focus on launching the USD stable coin first and the considerations for potential future stable coins.
The possibility of an XRP-Ripple USD pairing on the AMM and the openness of the XRP Ledger for such developments.
Monica Long's outlook on Ripple's future, the industry, and the stable coin market, emphasizing the importance of integration and regulation.
Transcripts
[Music]
welcome to block Stars Ripple's podcast
that features leaders and developers in
crypto and blockchain to discuss the
latest trends Technologies and the real
world problems being solved I'm your
host Ripple CTO David Schwarz today
we're embarking on an intriguing Journey
Into the Heart of Ripple's latest
Venture the launch of its very own
stable coin joining me for this deep
dive into the world of digital
currencies is none other than Ripple
president Monica long Monica it's
fantastic to have you with us today to
discuss Ripple's bold step into the
stable coin Market I'm honored to be
here David thanks for having me why
don't you tell our listeners a little
bit more about who you are I told them
already that you were Ripple president
what do you do what do I do
David I I've had the the privilege of
working with David since almost the
beginning actually uh I joined Ripple a
year into it it was the fall of
2013 so at that point you'd already
built and and launched The Ledger of
course predating establishing Ripple but
I mean the company had been around for a
year so I'm sure for you it had already
felt like a long time uh but but here we
are more than I guess 12 almost 12 years
later so I'm as president I'm
responsible for our products as well as
commercializing those products our sales
efforts and then also our initiative to
support developers building on extrap
Ledger it's been quite the journey
hasn't it yeah has it felt like a a
short time or a long time to you you
know it sometimes feels really short and
it sometimes feels really long it's it's
kind of it's kind of like a relativistic
thing sometimes it seems like we've been
doing this forever and other times it
seems like we've just barely started
it's quite an it's quite odd yeah I feel
the same way so let's talk about the uh
Ripple ripples entrance into the stable
coin Market this is a pretty significant
strategic move for us for a while you
know we've used a combination of Assets
in things like odl now Ripple payments
xrp Fiat stable coins we've built those
into our crossb solutions to provide the
best experience for our customers and in
Emerging Markets we've seen a demand for
stable coin payouts in Li of local fiat
currency can you tell people a little
bit about why we made the decision to
launch a stable coin and how it fits
with our vision for the future of
finance and the internet of value so uh
Man stable coins have I mean it's become
a massive Market within the crypto
Market in and of itself so today a
market cap of north of 100 billion $150
billion excuse me and the projections
are that this is a market that will
reach you know almost three trillion
dollars within the next handful of years
when I think about Ripple's foray into
launching its own stable coin I can't
help but think about the origins of the
company and and xrp Ledger and and this
goes back to you and and Arthur and Jed
originally conceptualizing The
decentralized Exchange on xrp Ledger and
the concept of I which I would say were
probably the first stable coins in
crypto would you is that fair to say
David I think so yeah yeah and like what
what I remember uh you know joining the
company you were very patient explaining
things to me uh at the Whiteboard and
what I remember was you would talk about
how the the vision was to create issued
assets onto The Ledger and built into
The Ledger was an order book that would
be a really efficient liquidity
mechanism for these different assets and
this is how the Ledger would ultimately
facilitate efficient transactions in in
particular payments so I I suppose it
just goes back to those fundamentals of
if we think that blockchains are here to
revolutionize finance and to create a
new future of decentralized Finance you
need to have representations of
currencies on blockchains so it's that
fundamental like to to make
decentralized Finance happen you you
need these stable coins this is your
show so I don't mean to turn you into
the
guest but yeah what like how were you
originally thinking about stable coins
and their role on The Ledger I think in
the early days I think we realized that
there had to be onramps and off-ramps
there had to be some way to get money
onto The Ledger that didn't necessarily
involve like buying a volatile asset or
committing to like a new form of money
there had to be you know I should say a
new like unit of account if if the only
way on The Ledger was to buy a a
volatile digital asset then there was no
value for first of all there was no
value in digital assets at the time
right they were all extremely low in
value so there would be no way that you
could do like large payments or
Enterprise payments I think over time
the vision has changed a little bit that
that it's still important as on-ramps
and off ramps it's still important to
have an alternative to digital assets
that are volatile but I think an a view
now is that if defi is going to work it
can't be all digital assets and it also
can't all be one stable coin because if
we're going to build these decentralized
permissionless public blockchains and
the assets on them that are controlled
that kind of defeats the point of them
being permissionless so the idea I think
today is that these are def these are
like key defi
enablers yes and this is this is what
we've come to for a few years now we've
had a concerted effort behind developer
relations and supporting developers
through Ripple X lots of programs you
know new development work on the core
Ledger itself adding features and also
developer kits Around The Ledger so
we've put all of that effort in and
ultimately it it's a bit chicken in the
egg to get developer momentum on extrap
Ledger which we are seeing but to really
see that flywheel pick up more momentum
you need to have high quality assets in
particular right now d does need onramps
and off-ramps that are reliable and
efficient so that's that's mostly been
in the form of stable coins we we also
see the need for the world of crypto to
have reliable compliant stable coin
offerings and you know the two that have
been most prominent uh usdc and usdt
they've been around for a while but we
do think that there's uh space and
opportunity and and the market kind of
needs to see more you know high quality
offerings so that's where we come in
that and that that's on X Ledger and
David you had leading into the question
of you know why now why is has Ripple
been thinking about this for a long time
and you mentioned that we have used
stable coins and a mix of different
tokens is part of our payments offering
so it's clear that you know using stable
coin for payments that you know there is
a use case there and so it also serves
the set of commercialized offerings that
we've built around
payments yeah it does I I think there
are a lot of people who were a little
surprised by the timing there's a lot of
people who said that we should have done
it a long time ago but I think one of
the things that's that that makes now an
important time is the launch of the amm
feature an amm doesn't work if all you
have is one great asset you need like a
diverse array of assets for it to you
can't make markets between one asset
right you need you need an array of
assets and of course the rebel stable
coin is a potential counter to you know
counter asset for every existing asset
and I think another one is the lending
protocol like it doesn't make sense to
have loans denominated like for a very
small number of people they might want
to borrow you know denominated Bitcoin
or their xrp but most people if you owe
money you want it Den nominate it in
dollars and you want to pay it back in
dollars because otherwise you're in a
sort of a you're weirdly vulnerable to
the volatility in the ecosystem so how
would you say the stable coin fits in
with h the crossb payments vision and
the digital asset Vision yeah so for our
payments customers we we've supported
various tokens in the payment flow of
course xrp as a bridge asset in that
position for xrp doesn't change
in our view especially as more and more
types of assets get tokenized on
blockchains and there's a need for
efficient liquidity between you know
what will increasingly become a a longer
and longer tale of different types of
assets even amongst the currencies you
know there'll be different issuers of
different currencies and the more that
transactions happen especially right on
Ledger with the with the decentralized
exchange there'll be more and more
demand for xrp as a bridge asset that
will continue but for stable coins that
you know there's different use cases
where for example a beneficiary might be
in a market where they would prefer to
receive payment in a US dollar stable
coin than in their local currency you
know these are markets with very
volatile domestic currencies so so
that's for like one example where we see
more of a need for it and I would say
too that the the other kind of broad use
case we see is there there's incre more
and more interest in the network of
off-ramps that we've built over the
years so through our payments Network we
can support off- ramping into 70
different countries and and currencies
and so even for crypto native players
that you know maybe they are dealing
with in defi a defi application there's
this use case to offramp into a local
market one of the things that I find the
most interesting about stable coins is
that they are sort of like a Regulatory
Compliance touch point for defi people
use stable coins for all manner of very
Loosely regulated functions they use
them like on ethereum they use them on
The xrp Ledger for things like the amms
while the stable coin itself is subject
to strict regulation Ripple can Ripple
has reg restrictions on who they can
issue the stable coin to who they can
redeem presumably it will be distributed
in part by exchanges who have to know
their customers and comply with you know
anti-money laundering what's the
Regulatory Compliance from Ripple's
point of view for the stable coin
compliance is something that like you
said it's going to be Paramount
especially if we see more Enterprise
users of stable coins and of blockchains
uh for for financial use cases it's
something you can't compromise on it has
to be you know rock solid airtight and
that's something that we've always
prioritized compliance and security
Above All Else and and the things that
we build and ship so this is no
exception the way that we're entering
the market is you know one ensuring that
we have the proper licensing and with
that that we're you know adhering to
what regulations we need to adhere to so
with the stablecoin you know here in the
US we have money transmission licenses
in more than 40 States we also set about
acquiring standard custody which is a
registered Trust Company with the New
York DFS New York DFS is widely regarded
not just in the US but internationally
as very robust regulator so we're
already building toward the DFS and
Trust Company requirements as we go
through that you know closing the
standard custody transaction so my point
being is like you know we're holding
kind of the gold standard in mind in how
we're building and how we will be
regulated of course overseas we also
have applied for e-money institution
Licensing in Europe as well as uh we we
have the major payment institution
license in Singapore and also have
applied or received virtual asset
service provider Licensing in Europe and
other places in the Middle East so
licensing is is prong one and then prong
two is also just you know the compliance
procedures that we will Implement you
know of course any customer that we're
on boarding any business will go through
our know your customer AML onboarding
process and you know we also have a you
know a whole robust compliance operation
on the mint and burn side of the stable
coin and and I think architecturally the
fact that it's Ono one backed with
actual USD cash or cash equivalents like
treasuries is important yes super
important that's that's part of the DFS
uh requirements yes one to one backed in
US
dollars so one question that I hear a
lot is what the Ripple stable coin means
for xrp and like is does this reflect
some reduction in our commitment to xrp
or is this a replacement for xrp and I
think obviously the answer to that is is
no I mean we want there to be more in
credible assets on the decks we want
trading volume you know we think that
the that xrp has a unique role on the
decks as a bridge asset features like
Auto bridging and we think that you know
more volume on The xrp Ledger is a good
thing you know both for xrp and for the
ecosystem yeah absolutely it goes back
to kind of like where we started the
conversation where we think of you know
our thesis of where we see a lot of
utility for xtrp Ledger is financial use
cases one of the original use cases it
was really it or it has been Best in
Class at since the beginning is payments
and you know having different currencies
represented on Ledger means just more
possibilities for not just payments but
other types of financial use cases and
we also especially US dollar stable
coins right now it's I mean it's clear
if you look at defi as a whole category
you know a lot of the total value locked
is in USD Stables so it's a really
critical piece of infrastructure is
actually a way to look at it uh for on
andof ramps to make any Ledger more
useful in the case of xrp Ledger and xrp
we really think that it will it will
facilitate only you know more usage and
more
liquidity yeah as Ripple expands its
footprint in the digital currency space
particularly in what we've called
Enterprise defi how do you envision the
adoption of stable coins U fitting in
that role you know for the future of
Finance both domestically and
internationally you know we've talked
about payments as a use case and you
touched on the lending protocol that's a
great example of a more forward-looking
use case that will that that we see
taking taking hold on xrp Ledger I think
that there'll be more kinds of financial
use cases are there any in particular
that you've been observing and watching
David that you or or that maybe you
always envisioned and uh we just haven't
seen yet I think real world asset
tokenization is is like is like another
one of those sort of core Enterprise
defi type uses I think some of the
others it's kind of early early to say
and I think there when you're buying and
selling things I think there are a lot
of people who aren't going to want
necessarily want to use digital assets
to do it there'll be digital assets
maybe providing liquidity but I think
like it's I think it's kind of a barrier
to entry if people have to move into a
digital asset in order to do things I
mean obviously I want digital assets to
be available and I think they'll be
competitive but I think that they just
like more options are good are good if
you look at like ecosystems that have
been compelling like the internet is a
compelling ecosystem you have probably a
phone that gives you internet access
everywhere you have internet access at
home you have internet access at work
and it's because it's a compelling
ecosystem that has so much value there's
no and any one thing launched on the
Internet is now available has a massive
target market so I think you need that
world where there's a compelling
ecosystem of all of these interesting
things that get people into that
ecosystem and then they'll pick the
things that work best for them and so
I'm I've never I've never felt that like
oh like this thing will take away from
this other thing I I think it's all it's
all a creative like right now we need to
just sort of grow the piie so that the
whole digital asset you know defi
ecosystem is compelling to people trying
to fight over is this thing going to
take market share away from it's just
it's just way too early we just need to
be better at everything so that people
find the ecosystem compelling totally
when you mentioned real world assets it
reminds me you know there's a there's a
number of companies in web they web 3
native who are building really
interesting platforms to serve financial
institutions with especially Capital
markets type use cases so tokenizing
equities bonds Etc and we are likewise
seeing demand for that kind of use case
from our custody business so the
different banks that we work with so you
could see the these even you know the
parts of Ripple kind of coming together
around real world asset tokenization
between you know our our custody
customers the banks as well as is some
of the Native web 3 developers who are
building really interesting applications
and might be able to bring more of the
demand side for some of these new types
of assets and like you said those
markets are used to dealing in pretty
simply you know dollars maybe Euro Yen
Etc so starting with a stable coin as a
base asset for those makes sense I think
it's time to take some listener
questions from
xor Anderson a n d r s o n are you
planning to launch more stable coins
after RL USD apparently they're calling
our stable coin RL USD like an RL for
example that's a good question it is a
good question we are right now really
focused on launching the F the US dollar
stable coin you know we don't take
lightly it's it's a big effort not just
from the technology side it's but I mean
more than anything the operation of it
making sure you know that we're holding
the a tight line on compliance that
we're giving a good experience to our
customers with onboarding and you know
always always laser focus on maintaining
the peg uh stable coin's not very useful
unless it's stable so we'll be really
focused on that and also connecting it
with our demand side the use cases like
our payments flows we recognize that
there will be demand and use cases for
other types of stable coins in the
future I think what's developing in
Europe with micro regulation is is very
interesting of course that the main
piece of the micro regulation that all
stable coin issuers are paying attention
to is you know you need to be licensed
uh in the the issuer needs to be a
European licensed entity which yeah
we're we're certainly watching that
market yeah it is it is very small
compared to the USD market for some
reason so there's a question is just
whether all the effort is worth it given
the market size one more this is an easy
one go ahead I was just say I mean that
the market will continue to evolve and
develop I mean I don't know that anyone
would have guessed that two Us doll
stable coins would be the top assets on
the crypto charts at this uh stage but
they are it is bizarre isn't it so this
one last one is an easy one from truth
Seeker 79 Tru SKR 79 will Ripple have an
xrp Ripple USD pairing on the amm and
that one's easy because whether we
there's nothing we need to do for that
to happen once an asset is on The xrp
Ledger anyone can create an amm and if
nobody else does I certainly will
because that's like the most logical
thing to
exist all right we'll go to my favorite
segment I really love to do this because
my guests generally don't like it I
always ask people to bring out their
crystal ball and give their thoughts on
and feelings on where we are in this
journey and what lies ahead for ripple
you've been with ripple for a very long
time you've been right in the heart of
our product our communication
uh everything that we've been doing a
strategy can you give a sort of overview
of what you think is in store for ripple
the industry the stable coin market I'll
just give you the broadest possible what
do you see yeah I can see why uh your
guests don't generally like the the
question feels it feels it's a tall
order for anyone to ask and then coming
from you there's just this extra
pressure to impress no I'm kidding and I
hate when people do it to me so people
do all the time I know and I hate it but
we've worked together long enough I can
I could just uh I could just be open
here actually so when you say look in
the future I think about our past and
you and I were just saying it it's felt
like a short long time so in 2013 when
we were you know when I just started we
were talking about the use case the
technology and whatnot it felt right
there it felt so obvious that this is
the future of finance and the the hard
Works already been done cuz the Bitcoin
blockchain had been invented The xrp
Ledger had been invented and so then it
was just about well now now it's just
about you know productizing use cases so
in that moment it would have felt like
by now the you know it poof the future
of Finance web 3 would be the way of
Finance today and so in that way it's
taking much longer than I think what at
least I had expected in that moment when
I joined the company but then in
hindsight when I look backward I think
about well it really has been a short
time if you think about the aspiration
of Ripple and the industry overall to
create the next age of the internet the
next age of finance and what I think we
and probably everyone else in the
industry
underestimated was the hard work of
connecting blockchains to traditional
Financial rails which has to be done I
think the the way of going about it of
well out with the old and with the new
we're just designing new Finance purely
on blockchain I I don't think that's the
way of the future I don't think Ripple's
ever believe that so there's like the
bringing the rest of the financial World
along to arrive at the same conclusion
that we have of this is the future and
then to do the actual technical work of
integrating the old and the new systems
and then the additional thing that we
underestimate I think the rest of the
industry has too is regulation and just
the it's felt like a lot of thrash over
the years of how different governments
receive this
technology understandably wanting to
really protect consumer interests which
we do too but to find that way forward
of this is actual like let's put
together some sensible policy and
regulation where we can you know invent
and reinvent Finance in a way that's
helpful to people and brings down cost
and makes things a lot more efficient
that was long-winded mandering answer
but I just I'm really never more than
ever I'm more bullish about what the
next one to two years holds for ripple
because of the the payoff from all the
work we put in I certainly hope you're
right we've been on this journey for a
long time I'd like to thank my guest
Ripple president Monica long for joining
me today pleasure hosting you on block
Stars don't be a stranger I know you
won't this is probably the third time
we've spoken to each other just
today yeah exactly I can't be a stranger
that would be a problem we see a lot of
each other don't
we and a huge thank you to our listeners
as always for tuning in if you have any
questions you can reach out to me on
Twitter at Joel cat j o l k TZ and
remember to follow at Ripple xdev Ripple
xdev on Twitter I guess I have to call
it X now to keep up with the latest
industry news technical updates and cool
new developer projects from the
community see you around the blockchain
oh
[Music]
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